Cost of Living in Olney, Maryland
Olney is a Census-designated place in Montgomery County, Maryland, with a population of 35,280. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Olney is $53,385 a year — greater than the annual cost of living for Maryland of $43,414 and greater than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Olney and over 29,000 other cities and towns in the US.
Housing Costs in Olney, Maryland
Housing is one of the largest components of cost of living. In Olney, the median home value is $497,600, greater than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Olney, some 9.50% of occupied homes are rented, less than the 36.2% national renter rate. The typical renter in Olney spends $1,806 a month on housing, less than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Olney, the median household income is $139,524, 3.6 times the median home value.
Transportation Costs in Olney, Maryland
Transportation can also be a significant component of cost of living. In Olney, 83.40% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 81.10% of workers commute to jobs outside of Olney, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Olney is 35.1 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Olney spends $8,512 a year on transportation, less than the national average of $9,760.
Health Care Costs in Olney, Maryland
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are far lower than they are on average nationwide in Olney but in line with what they are across Maryland as a whole.
For a single adult living in the area, average health care costs come out to $3,508 per year, compared to an average of $3,549 across Maryland and $4,266 nationwide.
Child care Costs in Olney, Maryland
For families with children, child care adds thousands of dollars to overall annual spending. In Olney, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $18,539, about $2,400 more than the comparable average of $16,167 across all of Maryland. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Olney, Maryland
In Olney, a single adult spends an average of $3,669 on food annually, and a family of four spends $10,595 on average. For context, average annual food expenditure across Maryland and the U.S., respectively, are $3,342 and $3,240 for a single adult, and $9,652 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Olney, Maryland
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Olney, Maryland pays $10,544 annually — a relatively high sum compared to the the statewide average of $7,992.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Olney residents live in a state with a high average tax burden. Per capita state tax collections in Maryland total $3,711 per year, compared to the $3,151 average across all states.
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